The market for payment cards linked to cryptocurrency accounts is starting to gather momentum, with the announcement by Hong Kong payments and cryptocurrency platform CRYPTO.com that it has launched a trial of two products that incorporate Visa debit cards.
CRYPTO.com (formerly Monaco) is trialling MCO Visa Cards and a premium offering MCO Private. Both are linked to the company’s app, which is already in the market.
CRYPTO.com completed an initial coin offering in February last year.
Paired with the MCO Wallet App, the MCO Visa Card will enable users to spend cryptocurrency at locations worldwide that accept Visa.
If all goes to plan the products will be available in several markets by the end of the year.
Finder.com.au reports that there are already a couple of cryptocurrency wallets in the market that offer debit cards. They are CoinJar and TenX
One of the highly rated features of such products is their ability to exchange currencies and make international money transfers quickly and at low cost.
MCO Visa Card cardholder benefits include: no monthly or annual fee; up to 2 per cent cashback on card purchases and airport lounge access; foreign currency transactions at wholesale exchange rates; and a peer referral program, offering a sign-on bonus per cardholder.
MCO Private is tailored to the needs and interests of high-net-worth clients in the crypto space, offering both specialised services and access including: advice on digital asset custody services; assistance with over-the-counter transactions; exclusive access and invitations to industry events, including meetings with industry thought leaders; preferential allocation terms for competitive investment opportunities; and dedicated customer support.
MCO Private clients are eligible for the MCO Private concierge service as long as their MCO tokens remain locked up.